Bitcoin drops, further losses expected | Business

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A fresh spurt on Friday caused Bitcoin to decline 7.9% to $ 47,525 – below its 100-day moving average – as it continued to hit key technical levels. Wall Street analysts warn of further losses for the notoriously volatile currency, which hit a record high of $ 64,870 on April 14, ahead of Coinbase Global Inc.’s listing, before fainting inexplicably over the weekend.

This week’s roughly 20% run marks the worst time for Bitcoin since a major slump in risk-weighted assets in late February. Even digital currencies that have managed to make profits in the past few days, like ether and the satirical Dogecoin, fell on Friday as the crypto room turned into a red sea.

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